Magnises is a private club for millennials allowing them to take advantage of discounts and perks in New York City. Founded by Billy McFarland, the popularity of the platform has exceeded all expectations.
For a modest $250 fee, a Magnises member has access to favorite restaurants, clubs, bars, meeting rooms, events and special excursions at very nice discounts. Most of the businesses who offer the discounts are places where millennials are frequenting which makes it a very natural process for young professionals, entrepreneurs, and managers to meet.
The key to the essence of Magnises is the Black Card. All of a member’s information is copied onto the Black Card’s magnetic strip from their debit or credit card. The Black Card makes the payment, and the discount is automatically applied. Source: https://www.instagram.com/magnises/
McFarland’s target market is young business people, artists, garment industry workers, and professionals between the ages of 21 and 35. Millennials thrive on socializing, sharing ideas, and making business connections, and Magnises is the perfect way to do that.
McFarland is no stranger to success, as he formed his first business at the age of 13 where he helped a local business find clients. While a freshman computer engineering student at Bucknell University, he founded a company called Spling, which takes the URL of a company and transforms it into a graphic image, used for branding and marketing. He is still the CEO of Spling, with clients such as Discovery and Universal.
Read more: Magnises unrolls new lifestyle perks
Magnises began in 2013, and by the end of 2015 there were over 10,000 members and growing. McFarland is somewhat selective as to who gets to join, as there is an online application which has to be approved by management. Businesses have to toe the line as well because McFarland wants to be sure that a business is in for the long haul. He wants to make sure that customers get the best treatment.
It is not unusual for members to find a complimentary bottle of wine at dinner, or special seating at an event. Recently, McFarland held a Hudson River cruise with drinks and dinner, and there was also a special glimpse of new Tesla automobile prototypes held at a local racetrack where members got to test drive the cars.
With a recent venture capitalist influx of $3 million, plans for expansion is in the works. Target cities are Boston, Chicago, Atlanta, Los Angeles, and London. McFarland and his management team see no problem in duplicating the business model elsewhere where millennials thrive, and the large metropolitan areas are where they live and work.
The design not only looks good on paper but in reality, it is a matter of discovering what millennials want in a particular area, and then fulfilling the need. One service that has become very popular is the availability of meeting rooms. These areas can be rented by the hour, at a discount of course.
The future of Magnises is brilliant indeed, as McFarland has found a fantastic way to meet the needs and expectations of his millennial crowd, and they love it.